The total injections, which included the usual money supply for the seven-day open market operation (injection) on Wednesday, were Rs2.07 trillion. On May 27, Rs1.82 trillion in long-term injections were made. In May 2022, the inflation rate hit a 28-month high of 13.76 percent. Inflation has already spiked 20% this week compared to the same … Read more
Exempted feeders may also be subjected to load-shedding for three to five hours each day. On KE’s the average demand for energy is currently 3,200-3,300 megawatts, with an average shortfall of 400MW. Similarly, furnace oil has doubled in price to Rs150,000 per tonne, up from Rs74,000-75,000 per tonne a year earlier. K-Electric provides electricity to … Read more
The one-unit price of electricity has increased from Rs16.91 to Rs24.82 as a result of the new raise. The rise in tariffs has been attributed to the rupee’s depreciation and increased oil prices on the foreign market. Nepra has set the national average tariff for the financial year 2022-23 at Rs24.82 per unit, up Rs7.91 … Read more
Pakistan’s trade deficit increased to $43.3 billion in the first 11 months of this fiscal year, with imports topping $72 billion. Exports fell to $2.6 billion in May, reversing a downward trend from the previous month. The central bank’s foreign currency reserves have been steadily declining. According to PBS, imports climbed 44 percent to $72.2 … Read more
Due to external loan repayments, the State Bank of Pakistan’s (SBP) total foreign reserves fell by $366 million to $9.72 billion. The SBP reported that total liquid foreign reserves were $15,771.4 million as of May 27. The decline was caused by “external debt payments,” according to the central bank. The news comes as Pakistan has … Read more
KARACHI: Moody’s on Thursday downgraded Pakistan’s outlook from stable to negative due to the country’s external vulnerability risk and uncertainty around the country’s ability to secure additional financing to meet its needs, a statement said. Pakistan’s external vulnerability risk has been amplified by rising inflation, which puts downward pressure on the current account, currency and … Read more
Police fired tear gas to disperse lots of college students looking to hurricane the Sri Lankan president’s domestic Sunday because the authorities provided an olive branch to demonstrators disturbing his resignation. Anti-revolt squads used water cannons accompanied via tear fuel, as protesters pulled down yellow iron barricades across an avenue leading to President Gotabaya Rajapaksa’s … Read more
KARACHI: Finance Minister Miftah Ismail announced on Saturday that the International Monetary Fund (IMF) has asked for a “tough budget” for the upcoming fiscal year, however the federal government is confident that IMF would revive the bailout programme for Pakistan. In his statements during the ‘National Economy Dialogue – The Way Forward for Pakistan’ held … Read more
The IMF stated Thursday it is committed to helping crisis-battered Sri Lanka, however, any useful resource software will be contingent on ensuring the country’s unsustainable debt can be managed. The cash-strapped South Asian country of 22 million people is dealing with its worst crisis given that independence: it has suffered months of dire shortages of … Read more
KARACHI: On Wednesday, the Pakistani rupee fell for the 14th consecutive working day, crossing Rs202 against the US dollar in the interbank market for the first time. The currency fell further as the country’s default risk, as measured by the credit default swap (CDS), remained abnormally high despite a mounting foreign currency shortage. As the … Read more
Sri Lanka’s Prime Minister, Ranil Wickremesinghe, was given the extra job of directing the finance ministry on Wednesday, as the island nation grappled with its worst-ever economic crisis. Wickremesinghe was sworn in by President Gotabaya Rajapaksa’s office, two weeks after he was invited to form a unity government following his predecessor’s departure. The selection on … Read more
Food prices are projected to increase by another 14 percent in 2022, after hitting historic highs in 2021, said the IMF (International Monetary Fund). In its latest World Economic Outlook, the international agency noted that the commodity markets in the Middle East and North Africa are being impacted by the Russia-Ukraine war inflation, with prices … Read more
Russia’s invasion of Ukraine, the International Monetary Fund (IMF) has warned against global economic dissolution, saying that erasing decades of integration will make the world poorer and more dangerous. After more than 30 nations limited trade in food, energy, and other critical commodities, IMF Managing Director Kristalina Georgieva urged that governments should decrease trade barriers … Read more
Amid developing doubts over the USA’s capability to cope with external responsibilities with its foreign exchange reserves spent right down to naked bones, Pakistan’s sovereign bond yields have surged sharply. “Since December 2021, Pakistan’s International Bond yields have spiked drastically. Moreover, with dwindling reserves, one most important situation is repayment of a bond worth $1 … Read more
With the vital financial institution gearing as much as announcing the monetary coverage subsequent week, analysts expect the State Bank of Pakistan (SBP) to tighten its coverage settings so that it will fight runaway inflation and help the battered rupee, The News said. The marketplace awaits the outcome of the crucial bank’s May 23 assembly … Read more
With the economic state of affairs of a country in limbo, a group of the Ministry of Finance, which includes Finance Minister Miftah Ismail, left for Doha on Tuesday to keep talks with the International Monetary Fund (IMF). “Finance Division’s team is leaving for consultations with the IMF Mission at Doha from tonight. Meetings will … Read more
Tanzania’s president approved a nearly 25% increase in the minimum wage on Saturday, breaking with her autocratic predecessor’s policies amid protests over the high cost of living. President Samia Suluhu Hassan decided on a 23.3 percent increase, as well as raising government worker salaries for the first time since 2016, according to a statement from … Read more
The World Bank predicted that payments from overseas workers to low- and middle-income nations will climb by 4.2 percent this year, with Ukraine as the primary recipient. According to the bank, migrant workers are anticipated to send $630 billion back to their home nations. Remittances to Ukraine, currently fighting off the Russian invasion, are expected … Read more
The International Monetary Fund (IMF) has warned that the Central African Republic’s acceptance of Bitcoin as legal cash creates a number of issues. When El Salvador embraced Bitcoin, the world authorities highlighted the same concerns, notably macroeconomic and legal problems. The country, which is one of the poorest in the world, became the second in … Read more
The next round of technical negotiations with Sri Lanka will take place from May 9 to May 23, according to Masahiro Nozaki, the IMF’s Sri Lanka mission leader. In a statement issued on Friday, Nozaki stated that the IMF is committed to aiding Sri Lanka in accordance with its principles. “Because Sri Lanka’s debt is … Read more
COLOMBO: Sri Lanka aims to revise its current “unrealistic” budget and is in negotiations with the World Bank to increase its assistance from $300 million to $700 million, according to the country’s finance minister on Wednesday. The island country is dangerously short of foreign exchange, having been struck hard by COVID-19 and short of income … Read more
A spokesman for the IMF stated Thursday that Managing Director Kristalina Georgieva had tested positive for Covid-19, but that she had experienced “minimal symptoms.” “IMF Managing Director Kristalina Georgieva has tested positive for Covid-19. She is experiencing mild symptoms and is working remotely while isolating at home,” the Washington-based crisis lender’s spokesman Gerry Rice said … Read more
Crisis-hit Sri Lanka’s inventory alternate halted once more Monday after an almost 13 percent plunge, derailing the bourse’s tentative reopening after a two-week smash aimed at forestalling a marketplace disintegrate. The island country is grappling with its worst economic downturn since independence in 1948, with months of ordinary blackouts and acute shortages of meals and … Read more
The International Monetary Fund said on Saturday that its staff conducted “fruitful technical conversations” with Sri Lankan officials this week over the island nation’s request for an IMF-backed loan package. According to the Fund, the discussions focused on the need for Sri Lanka to develop a “credible and cohesive plan” to restore macroeconomic stability, enhance … Read more
It was the week of the four Ws in Washington: war, walkouts, weakness, and warnings. Some of the International Monetary Fund and World Bank’s half-yearly meetings are uninteresting and easily forgotten; this was not one of them. The first W – the war in Ukraine – dominated the meetings and is likely to dominate the … Read more
Europe can get with the aid of without Russian fuel for six months, but beyond that, the monetary impact could be severe, a senior IMF reputable informed AFP. Alfred Kammer, head of the IMF’s European Department, advised countries within the place to take a chain of steps to ease the blow, together with reducing intake … Read more
The PML-N-led govt has agreed with International Monetary Funds’ (IMF) recommendations to cut fuel subsidies phase-wise, sources said. Read more: Load-shedding: PM Shehbaz blames Imran govt, orders interim steps Finance Minister Miftah Ismail, who is currently in Washington to hold talks with IMF executive directors, reportedly agreed to IMF recommendations to reduce fuel subsidies. Sources further … Read more
WASHINGTON: Country’s new finance minister Miftah Ismail on Friday agreed with IMF recommendations to reduce fuel subsidies and end a business tax amnesty scheme, pledging to pursue structural reforms to boost a crisis-wracked economy. The International Monetary Fund (IMF) in 2019 approved a $6 billion loan over three years for Pakistan but disbursement has been … Read more
